The Law Offices of Kenneth E. Lindauer
Call today for free initial consultation

Massachusetts Lottery a moneymaker for some, but not all

Many Massachusetts residents find themselves searching for a fresh start in their financial lives during the holiday season. Quick fixes like winning the lottery are the dreams of many. Being in debt, of course, can add high levels of stress to a time meant for enjoyment. If one is looking for debt relief, and didn't win the Mega Millions lottery, one practical fix might be to file for consumer bankruptcy.

The lottery operation in Massachusetts is a profitable business that rests its foundations on dreamers looking to get rich quick. The Massachusetts Lottery will be receiving larger-than-expected earnings with profits growing $20 million more than expected. Sales hit up to $10,000 per minute one day this December. The Lottery has averaged a 70.5 percent payout in the first few months of 2013, lower than projections. That allows state and municipalities to earn a higher profit.

The Lottery is not a solid financial tool for restructuring debt, however. If one is interested in effectively managing debt, personal bankruptcy can help establish a repayment plan. It can help Massachusetts residents find a reasonable way to pay back what is owed. It can also help stop harassing collection agents, provide a person with spousal support and offer a customized budget for a specific income and debt load.

There are many options to consider when thinking about how to solve a personal or family debt problem. One opportunity for a fresh start is to consolidate and repay debt according to capabilities. Many individuals will spend their hard-earned money on the lottery, but a better method for financial freedom is to find out what options can be realistically considered for long-term financial stability.

Source: South Coast Today, "Mass. Lottery officials see dollar signs in Mega Millions jackpot," Andy Metzger, Dec. 17, 2013

No Comments

Leave a comment
Comment Information